The reCAPTCHA verification period has expired. Please reload the page.

Solidarity Savings

A savings account that unions can count on.

A competitive savings account designed exclusively for unions and labour-affiliated organizations, to securely manage your savings and earn a competitive rate all while looking out for people and the planet. 

A Solidarity Savings account allows you to invest your funds and receive a competitive interest rate exclusive to the combined balance of union deposits. The more unions participate, the greater the potential return is for all. By working together, we can strengthen communities and help drive lasting social and environmental change, while your investment earns a competitive return based on the balance of all deposits made by participating unions.  

In solidarity with your financial goals.

Benefit from a competitive interest rate and no monthly account fees.

Your investment will earn a competitive return based on the combined balance of the deposits made by the participating unions, with no monthly account fees^.

Access your funds any time.

Your deposits are highly liquid. Only you can view your balance, and your savings. Deposits are eligible for deposit insurance by Canada Deposit Insurance Cooperation (CDIC).

Helping people and the planet.

Your funds are used by VCIB to support the community through our impact loans that support affordable housing, climate change projects, and other socially responsible organizations.

How it works.

Using a combined investment approach, each union deposits their reserves, building reserves, or strike funds into their own Solidarity Savings account. We count the totals held in these accounts as one investment with an interest rate based on the total collective investment. 

The Solidarity Savings account features a prime-linked* variable interest rate^ that helps your savings grow. VCIB accepts deposits up to $1.5 million per union.

Combined balance of deposits from all participating Unions Interest Rate* Current interest Rate as on August 1, 2024^
$0 – $999,999 VCIB Prime less 2.25% 4.7%
$1,000,000 – $4,999,999 VCIB Prime less 2.20% 4.75%
$5,000,000 – $9,999,999 VCIB Prime less 2.10% 4.85%
$10,000,000 – $ 19,999,999 VCIB Prime less 2.05% 4.90%
$20,000,000 – $ 29,999,999 VCIB Prime less 2.00% 4.95%
$30,000,000 – $40,000,000 VCIB Prime less 1.90% 5.05%

Download our Solidarity Savings Information package to learn more.

Download Brochure

Frequently Asked Questions

What type of organizations qualify for this product?

This product is available to organized labour, student societies and other closely related organizations. To learn if you qualify, send us an email at info@vcib.ca.

I am an individual member of the union. Do I qualify?

Solidarity Savings currently is not available to individuals.

Is the money locked in?

No, your money is available whenever you need it. It is not locked in any committed time frame.

Are there penalties to withdraw?

No.

How much does it cost to open and maintain this account?

There are no opening, management, or other fees.

Can other program members see my account’s balance?

No, only you can view your balance.

Do I need to notify other unions if I want to withdraw funds?

Solidarity Savings functions like a typical savings account. We use the collective total to determine the interest rate for everyone in the pool.

I don’t have a Vancity or VCIB branch in my city. Can our Local still open an account?

Yes. We can open accounts virtually for Canadian-based organizations.

Vancity Community Investment Bank is a member of CDIC and is a Certified B CorpTM